NCUA Assembles Veteran Team To Work Out Arrowhead Central CU
SAN BERNARDINO, Calif. – Veteran credit union executive P. Kay Woods, brought in by NCUA last Friday to manage troubled Arrowhead Central CU under conservatorship, has brought with her several managers with long careers at large credit unions to help turn around the one-time $1.1 billion credit union.
Woods herself has more than 20 years experience in credit unions, having worked at WestStar CU in Las Vegas, and as interim CEO of Georgia Heritage FCU from April to June last year, according to NCUA. She also has worked with Westmark FCU in Idaho and Memphis Area Teachers CU.
Also brought in to help work out the financial problems at the now-$875 million Arrowhead are: Jane Dobbs, who worked at Bank of America, DuPont FCU and with Woods at WestStar CU, Westmark and Memphis Area Teachers CU; Juan Luna, who worked at Kinecta FCU, Telesis Credit Union and Xceed Financial CU; Steve Becker, former CEO of Credit Union West; and, David Schmitt and James Gergen, who worked for World Savings Bank and were consultants to Memphis Area Teachers CU when Woods was there.
NCUA took over Arrowhead amid big losses the past two years – a total of $76 million – and declining net worth – less than 3.4% at the end of the first quarter.